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SAIL invites global bids for three special steel units

The last date for invitation of queries is July 18

State-owned Steel Authority of India Limited (SAIL) has floated a global tender inviting Expressions of Interest (EoI) for its three special steel units. This includes the Tamil Nadu based stainless steel unit, Salem Steel, the Durgapur based alloy steel plant and Viveswaraya Iron & Steel Ltd based in Bhadravati, Karnataka.

The three units have been part of the government list for strategic disinvestment, following Cabinet nod in 2016.

Transaction advisors SBI Capital Markets said in its preliminary information memorandum that no debt taken for any of the units is proposed to be transferred to any of the divested units. For all the three entities, the debt has been raised by SAIL at the corporate level and the interest costs are allocated to the unit, it said.

The last date for invitation of queries through email or physical copy is July 18, while last date for submission of expression of interest physically is August 1, 2019. The memorandum says short lusted bidders will be intimated August 8, 2019.